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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity

The following table summarizes the net notional volume buy of the Company's open derivative transactions broken out by type:

									Total Volume
									September 30, 2020						December 31, 2019
Commodity			Units						(In millions)
Natural Gas			MMBtu						1						2
Power			MWh						(2)						(2)
Interest			Dollars						$	1,769					$	1,788

Fair value within the derivative instrument valuation on the balance sheets

The following table summarizes the fair value within the derivative instrument valuation on the balance sheet:

												Fair Value
									Derivative Liabilities
															September 30, 2020						December 31, 2019
												(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current															$	7					$	3
Interest rate contracts long-term															14						11
Total Derivatives Designated as Cash Flow Hedges															21						14
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current															29						13
Interest rate contracts long-term															119						56
Commodity contracts long-term															17						9
Total Derivatives Not Designated as Cash Flow Hedges															165						78
Total Derivatives															$	186					$	92

Offsetting of derivatives by counterparty master agreement level and collateral received or paid

The following tables summarize the offsetting of derivatives by the counterparty master agreement level as of September 30, 2020 and December 31, 2019:

As of September 30, 2020			Gross Amounts of Recognized Assets/Liabilities						Derivative Instruments						Net Amount
Commodity contracts:			(In millions)
Derivative liabilities			$	(17)					$	—					$	(17)
Total commodity contracts			(17)						—						(17)
Interest rate contracts:
Derivative liabilities			(169)						—						(169)
Total interest rate contracts			(169)						—						(169)
Total derivative instruments			$	(186)					$	—					$	(186)

As of December 31, 2019			Gross Amounts of Recognized Assets/Liabilities						Derivative Instruments						Net Amount
Commodity contracts:			(In millions)
Derivative liabilities			$	(9)					$	(1)					$	(10)
Total commodity contracts			(9)						(1)						(10)
Interest rate contracts:
Derivative liabilities			(83)						1						(82)
Total interest rate contracts			(83)						1						(82)
Total derivative instruments			$	(92)					$	—					$	(92)

Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax

The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax:

			Three months ended September 30,												Nine months ended September 30,
			2020						2019						2020						2019
			(In millions)
Accumulated OCL beginning balance			$	(39)					$	(35)					$	(31)					$	(38)
Reclassified from accumulated OCL to income due to realization of previously deferred amounts			2						(2)						5						15
Mark-to-market of cash flow hedge accounting contracts			6						1						(5)						(13)
Accumulated OCL ending balance, net of income tax benefit of $6, $6, $6 and $6, respectively			(31)						(36)						(31)						(36)
Accumulated OCL attributable to noncontrolling interests			(16)						(19)						(16)						(19)
Accumulated OCL attributable to Clearway Energy, Inc.			$	(15)					$	(17)					$	(15)					$	(17)
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4			$	(9)											$	(9)

Derivative gains and losses

Gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows:

			Three months ended September 30,												Nine months ended September 30,
			2020						2019						2020						2019
			(In millions)
Interest Rate Contracts (Interest Expense)			$	39					$	(28)					$	(53)					$	(82)
Mark-to-market economic hedging activities (a)			—						—						(8)						—

(a) Relates to long-term power hedge at Elbow Creek Wind Project LLC, or Elbow Creek.

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